FX.co ★ Technical analysis of EUR/JPY for August 11, 2015

General overview for 11/08/2015 06:30 CET

The alternative count that included wave alt:XX reversal from a potential reversal zone has now been invalidated and the bottom for wave (b) blue had been established at the level of 134.98. The current upmove is a clear three wave structure so far, labeled as abc purple. The alternative scenario suggests a more impulsive wave development to the upside with the invalidation line at the level of 136.37. The bias is still slightly bullish as there is an uncompleted wave structure to the upside.

Support/Resistance:

137.74 - WR2

137.46 - Intraday Resistance

137.02 - WR1

136.78 - Intraday Support

136.37 - Alternative Bullish Count Invalidation Level

Trading recommendations:

As long as the level of 136.78 is providing the support, daytraders should look for buying opportunities in this market with SL below the level of 136.35 and TP at the level of 137.46 and 137.74.